Facebook’sFacebook’s former crypto head launches new bitcoin-focused startup backed by a16z and Paradigm

By Daisy On May 15, 2022

David Marcus, the co-creator of Facebook’s now closed stablecoin project Diem, has launched his own Bitcoin-based startup, Lightspark according to a report from the Block. The new company is backed by notable crypto investors like A16z, Paradigm, Coatue, and Matrix Partners.

Marcus was leading Facebook’s crypto and financial services operations but chose to step down last November owing to the failure of Diem, which ultimately
got sold off to Silvergate in January this year. He has also served as PayPal’s president earlier.

Now through his new venture, Lightspark, Marcus aims to develop a backend infrastructure for companies, developers, and merchants, looking to transact on the Lightning network. Lightning is a protocol built on top of Bitcoin to help support transactions that are smaller and less expensive.

The company didn’t disclose any valuation nor how much it has raised from investors, while it won’t focus on building its own stablecoin or cryptocurrency.

Commenting on the deal, a16z investor Sriram Krishan remarked:

“We’ve always been big believers in Bitcoin’s unique history and role in crypto. We’ve been looking to back a team to build on top of Bitcoin and believe David Marcus and the Lightspark team that he’s assembled can bring exciting new technological innovation to Bitcoin and the Lightning Network.”

Discover the stories of your interest

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

For all the latest Technology News Click Here

Read original article here

Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.